Following a successful cashback campaign last month, ExpressCredit Namibia (Express Credit Cash Advance), a Latvia-based lending company specializing in loans for government and private sector employees underserved by mainstream financiers, has launched its second cashback offer.
You can now earn a 3% cashback on investments in all ExpressCredit Namibia loans – for a limited time only!
This offer is valid from 16 May to 31 May 2022.
To qualify for the cashback bonus, you’ll need to enroll in the campaign and invest a minimum of €50 (cumulative) into ExpressCredit Namibia loans.
There’s around €350 000 worth of qualifying loans available on Mintos with interest rates of 9-15%.1
Only investments made on the Mintos Primary Market via manual investments or custom automated strategies qualify. When investing manually, you can find a full list of available loans by filtering for ExpressCredit and Namibia. And for custom automated strategies, you can search the legal entity’s name (Express Credit Cash Advance).
Investments made before enrolling or made via Diversified, Conservative, or High-yield strategies are not eligible. The cashback will be credited to your Mintos account within 7 business days after making the investment. See full terms
ExpressCredit Namibia loans are listed on Mintos in EUR. The original currency in which the loans were issued is the Namibian Dollar.
ExpressCredit Namibia during and post the Covid-19 pandemic
ExpressCredit Namibia’s CEO, Eckhardt Marais, explains, “as for all businesses, the Covid-19 pandemic brought uncertainties to us and challenged our ability to respond quickly to market changes. I believe we proved to be a great team at ExpressCredit, and as an organization, we’re now feeling stronger than ever before. It was the rapid change of strategy, quick restriction of underwriting rules, and organizational controls that allowed us to keep every single job, increase brand awareness, launch digital lending and grow sales.”
According to Eckhardt, “the financials speak for these achievements:
- For the first time, the company recorded an annual net profit of €0.8 million for 2021 (financial statements audited by BDO)
- It also achieved an unaudited net profit for Q1 2022 of €0.5 million
- In March 2022, it reached historically high sales of over €2.3 million
- In Q1 2022, it launched a pre-covid initiated branch network expansion plan to increase the number of branches from 21 to 36 before the year-end, which would ensure ExpressCredit has the widest branch coverage in Namibia, and
- According to NAMFISA statistics published in March 2022, ExpressCredit has reached 35% of the market share (by total value disbursed in 2021).”
Founded in 2016, ExpressCredit group is a Latvia-based consumer lending company operating across several Sub-Saharan African markets, including Namibia, Zambia, Botswana, and Lesotho. With more than 60 branches, ExpressCredit operates a multi-channel lending platform for government and private sector employees underserved by mainstream financiers. It offers online alternative lending solutions in countries driven by offline lending options while maintaining compliance with KYC and other regulatory requirements. The group also has agreements with private companies, unions, and government institutions (deduction codes) to enable its entities to directly debit repayments from borrowers’ salaries.
ExpressCredit group remains committed to its long-term growth strategy and has strengthened its corporate governance by incorporating local boards of directors in its countries of operation.
Some of the equity investors of ExpressCredit group and Mintos overlap.
At the time of the cashback launch, 80% of outstanding investments in ExpressCredit Namibia loans on Mintos are current. The company has payments that have been pending longer than the normal settlement period of 8 days, in the amount of €256,789 (15.88% of total outstanding investments). For changes in the pending payments status, see Loan statistics.
1 As of 16 May 2022